Regular Savings Account
Opening a savings account is as easy as transactions.
Requirements
- Two(2) valid photo IDs
- A proof of address (3 months period that shows your current residence)
- A $5.85 entrance fee and $5.00 or more on your savings account
In addition to the $5.85 required to create the savings account, a minimum of 20 shares at $1.00 must be purchased value of $100.00. The purchase of shares ensures that you will have access to all our services.
Chequing Account
A chequing account is almost a necessity these days and for the convenience of having a chequing account.
- An initial deposit of $100
- No charges per cheque used, free to draw down all your funds
- We pay 1% on all balances over $100 and over, every quarter
Shares Account
The purchase of shares allows members access to all the services provided by the SKCU to its members. This is what makes you a member of SKCU. They represent your personal investment in SKCU just as if you were to buy shares in other companies - only better!
Open a Permanent Share Account today by purchasing shares from your credit union at $1.00 par value per share!
The minimum number of shares to be purchased is twenty (20) and additional shares may be purchased of twenty (20) or more. Annually, dividends are paid to all shareholders and the amount paid is based on the number of shares purchased by the member and the profitability of your Credit Union.
In Trust for Children (ITF)
Open an account for your children now and invest in his or her future.
- A child under the age of sixteen (16) can open an account and a minimum of $25.00 to start.
- This account earns interest quarterly!!
- This account is also designed to teach your children the importance of saving early on, so it may be used as a tool to teach the concept of thrift.
Junior Savers
- This account was designed to assist children with learning how to save money at an early age.
- The account can be opened at age 7 along with their guardian, who is a member.
- It is an excellent starter account for children, who want to learn how to save towards a special occasion.
Transferring or Withdrawing
Your Permanent Share Account is fully transferable!
- Permanent Shares cannot be withdrawn. However, they can be transferred or sold to a SKCU member.
- In cases of absolute necessity, the SKCU could opt to give cash in exchange for shares.
- Upon your death, your Permanent Share Account is transferred to your designated beneficiary.
Fixed Deposits
The Fixed Deposit Savings Plan is an interest-bearing plan which allows you to save at least $500.00 for at least 6 months or 12 months.
Interest:
- 500 to 49,999 – 2%
- 50,000 and over – 3%
